Dealing with a Low Assessment
We listed our house earlier this week, and yesterday we got our 2010 assessment. The new assessment is 25K less than last year, and 40K less than our listing price. I would think that we have it listed way too high, but the assessment seems so low that I am struggling with it. I have talked to our realtor, and he wants to hang tight for the moment. I would love some second thoughts before I worry even more!
Here are some relevant details:
1. The assessment is based on a square footage of about 100 square feet too small -- for some reason, the county has the wrong number.
2. Our house is three houses from a bigger road (the road is two lanes, so not a highway or anything).
3. Our house has been totally updated (granite, stainless, etc.) unlike most in the neighborhood. Our house is also one of the biggest in the neighborhood, although there are plenty of similar sized houses in the general area and the neighborhood is a good one.
4. There is a house for sale right across the majorish road (in fact, the house backs up to it) in a similar subdivision. The house is 150 square feet smaller and assessed $45K more.... It has not been updated.
5. We listed the house on Wednesday, and we have had one showing and twelve people came to the open house today. Our market generally is SLOW right now.
Here is the listing if anyone has thoughts:
I hate being priced so much over the assessment, but I also can't see pricing my house at the same price as houses 400-500 square feet smaller. If anyone has any thoughts, I would really appreciate it!